Sold: 44 Apartment Units in La Mesa for $6,820,000

The La Casita Apartments have been sold for $6,820,000. Located at 7130 Waite Drive La Mesa, CA 91941 in the East County submarket of San Diego County. This 44 unit apartment complex constructed in 1963, offers tenants a pool, private patios, clubhouse, on-site parking, and communal laundry rooms. The property was fully occupied at time of sale.

The La Casita Apartments have an average unit size of approximately 746 sf and consists of thirty-two (32) 2 Bedroom / 1Bath units and twelve (12) 1 Bedroom / 1 Bath units on a large 3.1 acre lot. The property sold for $155,000 per unit and $207.93 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 13.0 and CAP Rate = 4.2%. The rental rates for each unit were considered low for the area. At close of escrow the rental rates averaged $835 for the 1 bedroom units and $1,035 for the 2 bedroom units. The buyer plans to extensively remodel the property.

The buyer was Rodney A. Johnson and was represented by Dave Savage of ACI Apartments. The sellers were James Purdy, Douglas Webb, et al and were represented by John Morgan of Morgan Investment Real Estate.

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm.